Warren Buffett, the celebrated CEO of Berkshire Hathaway, announced his retirement at 94 during a shareholders meeting, surprising many. After 60 years at the helm, he plans to step down end of 2025, recommending Vice-Chair Greg Abel as his successor. Buffett emphasized confidence in Abel's leadership, stating he believes Berkshire's future is brighter under his management. Despite concerns about his age, Buffett remains committed, declaring he has no intention of selling his shares and intends to eventually donate them. The announcement was met with a standing ovation, reflecting his legacy and impact on the company.
Buffett noted, "I think the time has arrived where Greg should become the chief executive officer of the company at year end." He emphasized his belief in Greg's potential.
Buffett stated, "I have no intention - zero - of selling one share of Berkshire Hathaway. I will give it away eventually," reflecting his commitment to the company.
After the announcement, Buffett received a lengthy standing ovation from the crowd, indicating the deep respect and appreciation for his 60-year leadership.
Abel, already a veteran with 25 years at Berkshire, was described as unaware of the announcement but stood in applause, recognizing the significance of the moment.
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